Market Comment - 11.05.2023

ZSE rebounds in Thursday''s session... The market recovered from prior session’s losses as the four indices we review closed in the black. The ZSE All-Share Index rebounded 1.11% to close pegged at 59,538.57pts while, the Blue-Chip Index eked out a 0.67% gain to settle at 35,813.01pts. The Agriculture Index closed 2.06% higher at 227.09pts while, the Mid-Cap Index added 2.59% to settle 114,893.40pts. Agriculture concern Zimplow continued to enjoy the rising tide, post announcement of its cautionary relating to migration to the VFEX as it notched up 14.94% to $63.8000. Trailing was property concern First Mutual that posted a 11.09% growth to settle at $34.9521. Retailer OK Zimbabwe inched up 10.92% to $98.0699 while, TSL firmed up 10.78% to close at $150.0000. Seed manufacturer SeedCo Limited capped the top five gainers’ list of the day as it edged up 10.14% to close at a VWAP of $253.0162. Leading the laggards of the day was Meikles that trimmed 1.87% to close pegged at $590.5310, followed by sugar producer Star Africa that eased 0.17% to $2.3960. Activity aggregates were depressed in the session as reflected by volumes that declined 95.61% and value outturn which tumbled 55.33%. A total of 2.37m shares traded on the market driven by Ok Zimbabwe, Tanganda and Ecocash that contributed a combined 56.01% of the aggregate. The trio of Hippo Valley, Tanganda and Delta were the value leaders of the day with respective contributions of 28.33%, 24.44% and 21.97% apiece. A total value of $850.08m exchanged hands in the session. The ETF Index advanced 4.88% to 557.27pts buoyed by gains in Old Mutual Top 10 and Datvest MCS that rose 14.83% and 7.20% apiece. The Tigere REIT was stable at $50.6199 as 38,999 units exchanged hands.